RIYADH: In a bid to bolster the growth of fast-moving businesses in Saudi Arabia, the Small and Medium Enterprises General Authority has initiated Growth Week. Scheduled from Aug. 27-31, the event is part of a series of business weeks being organized to propel the growth of the SME sector in the Kingdom.
Also known as Monsha’at, the authority has collaborated with various governmental bodies and sectors dedicated to fostering the progress of enterprises within the Kingdom for this initiative. Notably, this includes the Silicon Valley Innovation Center in the US, according to a report by the Saudi Press Agency.
The organization of Growth Week aligns with Vision 2030, which sets a target for the sector to contribute 35 percent to Saudi Arabia’s gross domestic product by the end of this decade.
In partnership with Monsha’at’s Tomouh program, the Silicon Valley Innovation Center offers the Business Acceleration Program to catalyze the growth journey of these enterprises by developing their leadership skills and knowledge.
During Growth Week, the program will offer a range of consultations and workshops for fast-growing enterprises with a group of experts specialized in entrepreneurship to benefit from the best international practices in propelling enterprises while combating the challenges they face during their growth process.
Additionally, a group of local experts from support councils, including senior officials and CEOs, are scheduled to talk about the programs and initiatives that contribute to the growth of the entrepreneurial environment.
Moreover, through specialized meetings with prominent entrepreneurs, participants and visitors of Growth Week will get the chance to learn about successful entrepreneurial experiences.
They will also be able to join discussions about the opportunities presented in the field of entrepreneurship, tackle challenges in the area and address them effectively.
The SME sector is perceived as a vital economic engine, a key generator of new employment and the foundation of a global economy, the senior vice president of technical services at Saudi Arabian Oil Co., Ahmad Al-Sa’adi, said in an interview with Arab News in 2022.
Furthermore, SMEs are set to play a significant role in achieving the Kingdom’s objectives of lowering the unemployment rate from 11.6 percent to 7 percent and increasing women’s participation in the workforce from 22 percent to 30 percent.
